<SEC-DOCUMENT>0001157523-15-003209.txt : 20150928
<SEC-HEADER>0001157523-15-003209.hdr.sgml : 20150928
<ACCEPTANCE-DATETIME>20150928060027
ACCESSION NUMBER:		0001157523-15-003209
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20150925
FILED AS OF DATE:		20150928
DATE AS OF CHANGE:		20150928

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATUZZI S P A
		CENTRAL INDEX KEY:			0000900391
		STANDARD INDUSTRIAL CLASSIFICATION:	HOUSEHOLD FURNITURE [2510]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11854
		FILM NUMBER:		151126128

	BUSINESS ADDRESS:	
		STREET 1:		VIA IAZZITIELLO 47
		CITY:			SANTERAMO ITALY
		STATE:			L6
		ZIP:			70029

	MAIL ADDRESS:	
		STREET 1:		VIA IAZZITIELLO 47
		CITY:			SANTERAMO ITALTY
		STATE:			L6
		ZIP:			999999999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATUZZI INDUSTRIES SPA
		DATE OF NAME CHANGE:	19950823
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a51189156.htm
<DESCRIPTION>NATUZZI S.P.A. 6-K
<TEXT>
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    <title></title>
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      <br>
      <br>
      <font style="font-family: Times New Roman; font-size: 12pt">Securities
      and Exchange Commission</font><br><font style="font-family: Times New Roman; font-size: 12pt">Washington,
      D.C. 20549</font><br><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>Form
      6-K</b></font><br><br><br><font style="font-family: Times New Roman; font-size: 12pt">Report
      of Foreign Issuer</font><br><font style="font-family: Times New Roman; font-size: 12pt">Pursuant
      To Rule 13a-16 Or 15d-16</font><br><font style="font-family: Times New Roman; font-size: 12pt">Of
      The</font><br><font style="font-family: Times New Roman; font-size: 12pt">Securities
      Exchange Act of 1934</font><br><br>
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 33%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt">For the month of </font><font style="font-size: 10pt; font-family: Times New Roman"><b>September
            2015</b></font>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 34%">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: right; width: 33%">
          Commission File Number 1-11854
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 14pt"><b>NATUZZI S.p.A.</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt">(Translation of registrant's name
            into English)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>

    </p>
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      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          Via Iazzitiello 47
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black">
          70029 Santeramo, Italy
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          (Address of principal office)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <br>

    </p>
    <p style="text-indent: 30.0px; text-align: left">
      <font style="font-size: 10pt; font-family: Times New Roman">Indicate by
      check mark whether the registrant files or will file annual reports
      under cover of Form 20-F or Form 40-F:</font><br><font style="font-size: 10pt; font-family: Times New Roman">Form
      20-F</font><font style="font-size: 10pt; font-family: Times New Roman"> </font><font style="font-size: 11pt; font-family: Arial Unicode MS">&#8864;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Form 40-F </font><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
    </p>
    <p style="text-indent: 30.0px; text-align: left">
      <font style="font-size: 10pt; font-family: Times New Roman">Indicate by
      check mark whether the registrant by furnishing the information
      contained in this Form is also thereby furnishing the information to the
      Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
      of 1934. &#160;Yes </font><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">&#160;&#160;
      No </font><font style="font-size: 11pt; font-family: Arial Unicode MS">&#8864;</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">If &quot;Yes&quot; is
      marked, indicate below the file number assigned to the registrant in
      connection with Rule 12g3-2(b):</font>
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>First
      Half 2015 Natuzzi Consolidated Results: The Group Positive Trend
      Continues</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>EBITDA
        IMPROVEMENT OF 83.4% VS 1H 2014</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>GROSS
        MARGIN OF 30.2% - UP 27.7%</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>SIGNIFICANT
        IMPROVEMENT ON SG&amp;A AS A PERCENTAGE OF NET SALES DOWN BY 5.1% AT 17.7%</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>HALF-YEAR
        SALES UP 14.5% ON 1H 2014.</b></font></i>
      </li>
    </ul>
    <p>
      SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--September 25, 2015--<i>THE
      BOARD OF DIRECTORS OF NATUZZI S.P.A. (NYSE:NTZ) (&#8220;NATUZZI&#8221; OR THE
      &#8220;COMPANY&#8221;) HAS APPROVED ITS CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST
      HALF OF 2015.</i>
    </p>
    <p>
      Following the board meeting, the Chairman and CEO Pasquale Natuzzi
      stated:
    </p>
    <p>
      <i>&#8220;The 1H 2015 results consolidate the development seen over the
      previous quarters. The efficiency in production and fixed costs and the
      improved quality of sales</i> <i>were the major factors contributing to
      the 83.4% boost in EBITDA.</i>
    </p>
    <p>
      <i>The actions taken at the Italian and Chinese production plant lifted
      the industrial indicators. As a result, cost of sales improved form
      72.9% to 69.8%.</i>
    </p>
    <p>
      <i>In May 2015 - under the Agreement with the Trade Unions of March 3,
      2015 - we began to upgrade the Italian plant according to a &#8220;lean
      enterprise&#8221; methodology, adopting the process innovations tested at the
      beginning of 2015 in the Iesce 1 experimental facility. The full extent
      of benefits of the new industrial structure will be seen starting from
      next year.</i>
    </p>
    <p>
      <i>SG&amp;A expenses reduced by 5.1% from Euro 45 million in 1H2014 to Euro
      42.7 million in 1H 2015, thanks to the rationalization measures
      implemented in previous quarters.</i>
    </p>
    <p>
      <i>The business development strategy continues. Since the beginning of
      2015, 11 new sales points have been opened, principally in ASIA and the
      USA.</i> <i>We highlight in particular those in Hong Kong, Colombo in
      Sri Lanka and Busan in Korea.</i>
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <i>Period turnover amounted to Euro 241.7 million, up 14.5% and
      featuring a significantly improved mix compared to 1H 2014, while
      benefitting also from exchange rate movements.</i>
    </p>
    <p>
      <i>Natuzzi Brand represented 70% of upholstery sales and, in terms of
      regional performance, Asia (+22,4%) and Americas (+20,2%)</i> <i>delivered
      the strongest results, in EMEA (-1,8%) it&#8217;s worth to highlight the good
      performance of UK and Italy.</i>
    </p>
    <p>
      <i>Private Label represented 30% of upholstery revenues in 1H 2015,
      Americas (+22,3%) and EMEA (+46.9%) showed the most significant results.</i>
    </p>
    <p>
      <i>The significant improvement in our overall financial results over the
      last five quarters is illustrated in the following table:</i>
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          1Q 2014
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          2Q 2014
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          3Q 2014
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          4Q 2014
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          1Q 2015
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          2Q 2015
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          Total Net Sales*
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -11.2%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -1.2%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          +8.2%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          +12.6%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          +24.6%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          +6%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          COGS**
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -71.5%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -74.2%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -72.1%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -71.2%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -70.6%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -69.3%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          Other SG&amp;A**
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -21.8%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -20.9%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -18.2%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -17.7%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -17.3%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -17.7%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          EBITDA**
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -6.0%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -7.1%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -3.3%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -3.7%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -1.2%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -0.8%
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <p>
      <i>* change in 2015 quarterly sales on corresponding quarter of 2014,
      with the 2014 figures compared with 2013</i>
    </p>
    <p>
      <i>** percentage of net sales</i>
    </p>
    <p>
      <i>The results for the first half of 2015 are a major milestone in our
      Development Plan, both in terms of cost reduction and</i> <i>improvement
      of sales mix. In the coming months we will implement our new industrial
      production processes in all our plants, starting from Italy.&#8221;</i>
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u>----------------------------------------------</u>
    </p>
    <p>
      <b>About Natuzzi S.p.A.</b>
    </p>
    <p>
      Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs,
      manufactures and sells a broad collection of couches, armchairs, home
      furniture and home accessories. With consolidated revenues of &#8364;461.4
      million in 2014, Natuzzi is Italy&#8217;s largest furniture house and the
      player with the greatest global reach in its sector, with eight
      manufacturing plants, twelve commercial offices and more than 1,100
      points of sale worldwide. Ethics and social responsibility, innovation,
      industrial know-how and integrated management of its value chain
      represent the points of strength that have made the Natuzzi Group a
      market leader and established Natuzzi as the most recognized furniture
      brand in the world among consumers of luxury goods. Natuzzi S.p.A. has
      been listed on the New York Stock Exchange since May 1993. The Company
      is ISO 9001 and 14001 certified.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td colspan="13">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: center" colspan="13">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: center" colspan="13">
          <b>Unaudited Consolidated Profit &amp; Loss for the six months of 2015 &amp;
          2014 on the basis of Italian GAAP</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: center" colspan="13">
          <i>(expressed in millions Euro)</i>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" colspan="13">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: center; white-space: nowrap; padding-right: 0.0px" colspan="3">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Six months ended on</b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: center">
          <b>Change</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>Percentage of Sales</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>30-Jun-15</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>30-Jun-14</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>30-Jun-15</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>30-Jun-14</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Upholstery net sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          216,2
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          188,2
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          14,9%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          89,4%
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          89,2%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          Other sales
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          25,5
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          22,9
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          11,6%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          10,6%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          10,8%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Total Net Sales</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>241,7</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>211,1</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>14,5%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Consumption (*)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (113,4)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (96,5)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          17,4%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -46,9%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -45,7%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Labor
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (39,9)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (44,0)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -9,2%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -16,5%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -20,8%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Industrial Costs
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (15,5)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (13,4)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          15,3%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -6,4%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -6,4%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <i>(5,0)</i>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <i>(4,5)</i>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          11,8%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <i>-2,1%</i>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <i>-2,1%</i>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Cost of Sales</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(168,8)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(153,9)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>9,6%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-69,8%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-72,9%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Industrial Margin</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>72,9</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>57,1</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>27,7%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>30,2%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>27,1%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>Selling Expenses</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(39,6)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(32,5)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>21,6%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>-16,4%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>-15,4%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 50.0px; text-align: left">
          <i>Transportation</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>(26,6)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>(21,2)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>25,2%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>-11,0%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>-10,1%</i>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 50.0px; text-align: left">
          <i>Commissions</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>(5,0)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>(4,4)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>13,5%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>-2,1%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>-2,1%</i>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 50.0px; text-align: left">
          <i>Advertising</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>(7,9)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>(6,9)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>15,6%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>-3,3%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>-3,2%</i>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>Other Selling and G&amp;A</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(42,7)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(45,0)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>-5,1%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>-17,7%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>-21,3%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <i>(2,0)</i>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <i>(2,0)</i>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -0,8%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <i>-0,8%</i>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <i>-0,9%</i>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>EBITDA</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(2,3)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(13,9)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-1,0%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-6,6%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>EBIT</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(9,4)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(20,4)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-3,9%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-9,7%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Interest Income/(Costs), Net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (1,1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (0,5)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Foreign Exchange, Net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (2,0)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          Other Income/(Cost), Net
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          (0,5)
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          (3,9)
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Earning before Income Taxes</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(12,9)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(23,7)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-5,3%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-11,2%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Current taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (0,3)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (0,8)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -0,1%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -0,4%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Net result</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(13,3)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(24,5)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-5,5%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-11,6%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Minority interest
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0,0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0,0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Net Group Result</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(13,3)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(24,5)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-5,5%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-11,6%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <i>(*) Purchases plus beginning stock minus final stock and leather
          processing</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td colspan="22">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="22">
          <b>UPHOLSTERY NET SALES BREAKDOWN</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="22">
          <b>GEOGRAPHIC BREAKDOWN</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="12">
          <b>NET SALES (in &#8364;, million)</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="9">
          <b>NET SALES (in seats sold)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="12">
          <b>Six months ended on</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="9">
          <b>Six months ended on</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          <b>AREA</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>30-Jun-15</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>30-Jun-14</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          <b>%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; border-bottom-color: black" colspan="2">
          <b>delta</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>30-Jun-15</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>30-Jun-14</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; border-bottom-color: black">
          <b>delta</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Americas</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>88,4</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>40,9%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>73,0</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          <b>38,8%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="2">
          <b>21,0%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>347.263</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>45,8%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>368.559</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>47,2%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-5,8%</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right">
          Natuzzi
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          51,8
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          24,0%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          43,1
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="3">
          22,9%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="2">
          20,2%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          165.693
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          21,8%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          173.501
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          22,2%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -4,5%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          Private label
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          36,6
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          16,9%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          29,9
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          15,9%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="2">
          22,3%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          181.570
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          23,9%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          195.058
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          25,0%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -6,9%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>EMEA</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>46,3%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>92,6</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          <b>49,2%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="2">
          <b>8,0%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>344.313</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>45,4%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>330.599</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>42,3%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>4,1%</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right">
          Natuzzi
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          72,6
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          33,6%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          73,9
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="3">
          39,3%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="2">
          -1,8%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          195.699
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          25,8%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          211.892
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          27,1%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -7,6%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          Private label
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          27,4
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          12,7%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          18,7
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          9,9%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="2">
          46,9%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          148.614
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          19,6%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          118.707
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          15,2%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          25,2%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Asia-Pacific</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>27,8</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>12,9%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>22,6</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          <b>12,0%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="2">
          <b>23,0%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>67.434</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>8,9%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>81.530</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>10,4%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-17,3%</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right">
          Natuzzi
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          26,1
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          12,1%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          21,3
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="3">
          11,3%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="2">
          22,4%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          58.679
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          7,7%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          71.793
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          9,2%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -18,3%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          Private label
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          1,7
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          0,8%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          1,3
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          0,7%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="2">
          31,6%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          8.755
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          1,2%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          9.737
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          1,2%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -10,1%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>TOTAL</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>216,2</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>188,2</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="2">
          <b>14,9%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>759.010</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>780.688</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-2,8%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="22">
          <b>BREAKDOWN BY BRAND</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="12">
          <b>NET SALES (in &#8364;, million)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="9">
          <b>NET SALES (in seats sold)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="12">
          <b>Six months ended on</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="9">
          <b>Six months ended on</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          <b>BRAND</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>30-Jun-15</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          <b>30-Jun-14</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="2">
          <b>%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; border-bottom-color: black">
          <b>delta</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>30-Jun-15</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>30-Jun-14</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; border-bottom-color: black">
          <b>delta</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right">
          Natuzzi
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          150,5
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          69,6%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="3">
          138,3
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="2">
          73,5%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          8,8%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          420.071
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          55,3%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          457.186
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          58,6%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -8,1%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          Private label
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          65,7
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          30,4%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          49,9
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="2">
          26,5%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          31,7%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          338.939
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          44,7%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          323.502
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          41,4%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          4,8%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>TOTAL</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>216,2</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          <b>188,2</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="2">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>14,9%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>759.010</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>780.688</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-2,8%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="22">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>The &quot;<b>Natuzzi</b>&quot; brand includes the Group's three
            lines of product: Natuzzi Italia, Natuzzi Editions and Natuzzi
            Re-Vive</i>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="22">

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: center" colspan="13">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: center" colspan="13">
          <b>Unaudited Consolidated Profit &amp; Loss for the second quarter 2015
          &amp; 2013 on the basis of Italian GAAP</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: center" colspan="13">
          <i>(expressed in millions Euro)</i>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="13">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>Three months ended on</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: center">
          <b>Change</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>Percentage of Sales</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>30-Jun-15</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>30-Jun-14</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>30-Jun-15</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>30-Jun-14</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Upholstery net sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          106,6
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          100,3
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          6,3%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          89,5%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          89,0%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          Other sales
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          12,5
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          12,4
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          0,6%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          10,5%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          11,0%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Total Net Sales</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>119,1</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>112,7</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>5,7%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Consumption (*)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (55,6)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (52,0)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          7,0%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -46,7%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -46,2%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Labor
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (19,1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (24,9)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -23,4%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -16,0%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -22,1%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Industrial Costs
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (7,5)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (6,6)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          12,9%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -6,3%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -5,9%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <i>(2,5)</i>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <i>(2,0)</i>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          23,2%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <i>-2,1%</i>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <i>-1,8%</i>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Cost of Sales</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(82,2)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(83,6)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-1,6%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-69,0%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-74,2%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Industrial Margin</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>36,9</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>29,1</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>26,6%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>31,0%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>25,8%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>Selling Expenses</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(19,8)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(16,6)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>19,5%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>-16,6%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>-14,7%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 50.0px; text-align: left">
          <i>Transportation</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>(13,6)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>(11,0)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>23,6%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>-11,4%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>-9,8%</i>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 50.0px; text-align: left">
          <i>Commissions</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>(2,5)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>(2,1)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>17,1%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>-2,1%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>-1,9%</i>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 50.0px; text-align: left">
          <i>Advertising</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>(3,6)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>(3,4)</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>7,4%</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>-3,1%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <i>-3,0%</i>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>Other Selling and G&amp;A</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(21,5)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(23,5)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>-8,7%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>-18,0%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>-20,9%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          <i>of which: Depreciation, Amortization</i>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <i>(1,0)</i>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <i>(0,9)</i>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          9,1%
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <i>-0,8%</i>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <i>-0,8%</i>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>EBITDA</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(0,9)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(8,0)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-0,8%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-7,1%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>EBIT</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(4,4)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(11,0)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-3,7%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-9,7%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Interest Income/(Costs), Net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (0,6)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (0,2)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Foreign Exchange, Net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,1
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0,3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          Other Income/(Cost), Net
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          (0,3)
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          (3,6)
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Earning before Income Taxes</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(3,2)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(14,5)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-2,7%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-12,8%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Current taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (0,2)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (0,3)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -0,2%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -0,3%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Net Result</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(3,5)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(14,8)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-2,9%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-13,1%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Minority interest
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (0,0)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          (0,0)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Net Group Result</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(3,5)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(14,8)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-2,9%</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-13,1%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="7">
          <i>(*) Purchases plus beginning stock minus final stock and leather
          processing</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td colspan="23">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="23">
          <b>UPHOLSTERY NET SALES BREAKDOWN</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="23">
          <b>GEOGRAPHIC BREAKDOWN</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="11">
          <b>NET SALES (in &#8364;, million)</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="10">
          <b>NET SALES (in seats sold)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="10">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          <b>AREA</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>2Q 2015</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>2Q 2014</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; border-bottom-color: black">
          <b>delta</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>2Q 2015</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>2Q 2014</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; border-bottom-color: black">
          <b>delta</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Americas</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>43,3</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>40,6%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>39,7</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>39,6%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>9,1%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>169.566</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>46,0%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>196.369</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>48,1%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-13,6%</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right">
          Natuzzi
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          24,0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          22,5%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          24,9
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          24,8%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -3,5%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          73.958,4
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          20,1%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          97.814,0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          24,0%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -24,4%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          Private label
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          19,3
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          18,1%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          14,9
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          14,8%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          30,2%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          95.607,5
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          25,9%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          98.554,7
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          24,1%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -3,0%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>EMEA</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>49,2</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>46,1%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>48,3</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>48,2%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>1,8%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>163.808</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>44,4%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>168.624</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>41,3%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-2,9%</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right">
          Natuzzi
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          36,0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          33,7%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          38,5
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          38,4%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -6,6%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          94.534,4
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          25,6%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          105.667,8
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          25,9%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -10,5%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          Private label
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          13,2
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          12,4%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          9,8
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          9,8%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          35,0%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          69.273,2
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          18,8%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          62.956,5
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          15,4%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          10,0%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Asia-Pacific</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>14,1</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>13,2%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>12,3</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>12,2%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>15,1%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>35.494</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>9,6%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>43.213</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>10,6%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-17,9%</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right">
          Natuzzi
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          12,7
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          11,9%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          11,7
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          11,6%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          9,2%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          28.572,1
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          7,7%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          38.534,5
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          9,4%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -25,9%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          Private label
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          1,4
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          1,3%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          0,6
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          0,6%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          130,0%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          6.922,0
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          1,9%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          4.678,0
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          1,1%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          48,0%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>TOTAL</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>106,6</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,3</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>6,3%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>368.868</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>408.205</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-9,6%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="23">
          <b>BREAKDOWN BY BRAND</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="11">
          <b>NET SALES (in &#8364;, million)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="10">
          <b>NET SALES (in seats sold)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="10">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          <b>BRAND</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>2Q 2015</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>2Q 2014</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; border-bottom-color: black">
          <b>delta</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>2Q 2015</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>2Q 2014</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; border-bottom-color: black">
          <b>delta</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right">
          Natuzzi
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          72,7
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          68,1%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          75,0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          74,8%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -3,1%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          197.065
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          53,4%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          242.016
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          59,3%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -18,6%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black">
          Private label
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          34,0
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          31,9%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          25,3
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          25,2%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          34,5%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          171.803
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          46,6%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          166.189
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          40,7%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          3,4%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>TOTAL</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>106,6</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,3</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>6,3%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>368.868</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>408.205</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>100,0%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>-9,6%</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="24">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>The &quot;<b>Natuzzi</b>&quot; brand includes the Group's three
            lines of product: Natuzzi Italia, Natuzzi Editions and Natuzzi
            Re-Vive</i>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td colspan="20">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: center" colspan="20">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: center" colspan="20">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Unaudited Consolidated Balance Sheets at June 30, 2015 on the
            basis of Italian GAAP</b><br><b> </b><i>(Expressed in millions of
            Euro)</i>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="20">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          <b>ASSETS</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black">
          <b>30-Jun-15</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black" colspan="5">
          <b>31-Dec-14</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>Current assets:</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td colspan="5">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          23,7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          32,8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Marketable debt securities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0,0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          0,0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Trade receivables, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          85,8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          96,0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Other receivables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          21,8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          18,1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          96,1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          90,2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Unrealized foreign exchange gains
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0,2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          0,3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Prepaid expenses and accrued income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          1,3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          Deferred income taxes
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          0,5
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          0,5
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Total current assets</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>229,2</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          <b>239,3</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>Non-current assets:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Net property, plant and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          127,3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          130,8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          Other assets
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          8,7
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          10,0
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Total non-current assets</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>136,0</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          <b>140,8</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>TOTAL ASSETS</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>365,2</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          <b>380,1</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="5">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>Current liabilities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Short-term borrowings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          27,6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          20,7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Current portion of long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          2,1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          3,1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Accounts payable-trade
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          64,9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          75,2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Accounts payable-other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          25,0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          29,7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Accounts payable-shareholders for dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0,0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          0,0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Unrealized foreign exchange losses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0,4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          0,6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          1,1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1,0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          1,0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          Salaries, wages and related liabilities
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          18,4
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          18,3
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Total current liabilities</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>140,8</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          <b>149,7</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>Long-term liabilities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Employees' leaving entitlement
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          20,9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          20,9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          5,1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          6,2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Deferred income taxes - long term
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0,0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          0,0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Deferred income for capital grants
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          7,8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          8,1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          Other liabilities
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          20,0
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          21,2
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Total long-term liabilities</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>53,7</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          <b>56,3</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Minority interest</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>3,3</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          <b>3,0</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          <b>Shareholders' equity:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Share capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          54,9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          54,9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Reserves
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          4,3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          40,9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0,0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          8,4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          Retained earnings
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          108,3
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          66,8
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>Total shareholders' equity</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>167,4</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          <b>171,0</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          <b>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>365,2</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          <b>380,1</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="16">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: center" colspan="23">
          <b>Natuzzi S.p.A. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="8">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 5.0px; text-align: left" colspan="8">
          <b>Consolidated Statements of Cash Flows</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="8">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black" colspan="8">
          <i>(expressed in million of Euro)</i>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; border-bottom-color: black" colspan="5">
          <b>30-Jun-15</b>
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: center; border-bottom-color: black">
          <b>30-Jun-14</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          <b>Cash flows from operating activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          <b>Net earnings (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          <b>(13.256)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          <b>(24.532)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="8">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          <i><b>Adjustments to reconcile net income to net cash</b></i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          <b>provided by operating activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          7.013
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          6.497
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          (Gain) loss on disposal of assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          15
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          Unrealized foreign exchange losses (gains)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          1.064
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="8">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Deferred income for capital grants
          </p>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          -306
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -231
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="8">
          <b>Non monetary operating items</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          <b>6.725</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>10.482</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          <i><b>Change in assets and liabilities:</b></i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          Receivables, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          10.189
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -3.794
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          -5.856
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -6.135
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          Prepaid expenses and accrued income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          113
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          44
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          -3.726
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          12.776
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          -10.289
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          4.914
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          Income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          251
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -5.803
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          Salaries, wages and related liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          1.747
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          8.602
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="8">
          Other liabilities
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          1.836
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          -3.401
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="8">
          <b>Net working capital</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          <b>(5.735)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>7.204</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="8">
          <b>Net cash generated/(used) by operating activities</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          <b>(12.266)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(6.846)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="8">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          <b>Cash flows from investing/restructuring activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          Property, plant and equipment:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left" colspan="8">
          <i>Additions</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          -792
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -4.982
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left" colspan="8">
          <i>Disposals</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          79
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          124
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          <i>One time termination benefits</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          -2.770
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -1.115
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="8">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="5">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="8">
          <b>Net cash generated/(used) by in investing activities</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          <b>(3.483)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(5.696)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="8">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          <b>Cash flows from financing activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          Long-term debt:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left" colspan="8">
          <i>Proceeds</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left" colspan="8">
          <i>Repayments</i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          -2.104
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -1.931
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="8">
          Short-term borrowings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px" colspan="5">
          6.871
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; white-space: nowrap; padding-right: 0.0px">
          -3.960
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="8">
          Dividends paid to minority interests
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="5">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="8">
          <b>Net cash generated/(used) by financing activities</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          <b>4.766</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(5.891)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="8">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="5">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="8">
          <b>Effect of translation adjustments on cash</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          <b>1.799</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(748)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="8">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="5">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="8">
          <b>Increase (decrease) in cash and cash equivalents</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          <b>(9.185)</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>(19.180)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="8">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="5">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="8">
          <b>Cash and cash equivalents, beginning of the year</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          <b>32.852</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>61.037</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="8">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="5">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" colspan="8">
          <b>Cash and cash equivalents, end of the period</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px" colspan="5">
          <b>23.668</b>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; white-space: nowrap; border-bottom-color: black; padding-right: 0.0px">
          <b>41.858</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="8">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>NATUZZI INVESTOR RELATIONS</b><br>Francesca Cocco; tel.
      +39.080.8820.676; <u>fcocco@natuzzi.com</u><br>or<br><b>NATUZZI
      CORPORATE COMMUNICATION</b><br>Vito Basile (Press Office); tel.
      +39.080.8820.676 &#8211; <u>vbasile@natuzzi.com</u>
    </p>
    <p style="text-align: left">

    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <br>
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font><font style="font-size: 10pt; font-family: Times New Roman">
      </font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned thereunto duly authorized.</font>
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%" cellspacing="0">
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 47%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            NATUZZI S.p.A.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 47%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 47%">
          (Registrant)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 6%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 44%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 47%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; width: 6%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; width: 44%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>September 25, 2015</b>
          </p>
        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; width: 3%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
          </p>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; width: 47%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt">/s/ Pasquale Natuzzi</font>
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        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 47%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt">Pasquale Natuzzi</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
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</DOCUMENT>
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